Exhibit 99.1

Press Release
For Immediate Release

Contact:	Christopher D. Myers
	President and CEO
	(909) 980-4030

CVB Financial Corp. Reports Second Quarter Earnings

Ontario, CA, July 16, 2008- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (“the Company”), announced the results for the second quarter of 2008.

Net Income

CVB Financial Corp. reported net income of $17.2 million for the second quarter ending June 30, 2008. This represents an increase of $1.2 million, or 7.51%, when compared with net earnings of $16.0 million for the second quarter of 2007. Diluted earnings per share were $0.21 for the second quarter of 2008. This was up $0.02, or 8.36%, from diluted earnings per share of $0.19 for the same period last year. The net income for the second quarter of 2008 includes a provision of $3.0 million for credit losses. There was no such provision in the second quarter of 2007. Had we not made a provision in the second quarter of 2008, our net income would have been $19.3 million, an increase of $3.3 million, or 21.13%, compared to the second quarter of 2007.

Net income for the second quarter of 2008 produced a return on beginning equity of 15.27%, a return on average equity of 14.85% and a return on average assets of 1.07%. The efficiency ratio for the second quarter was 56.06%, and operating expenses as a percentage of average assets were 1.90%.

Net income for the six months ending June 30, 2008 was $33.3 million. This represents an increase of $2.2 million, or 7.20%, when compared with net earnings of $31.1 million for the same period of 2007. Diluted earnings per share were $0.40. This was up $0.03, or 8.18%, from diluted earnings per share of $0.37 for the same period last year. The net income for the six months of 2008 includes a provision of $4.7 million for credit losses. There was no such provision in the first six months of 2007. Had we not made a provision in the first six months of 2008, our net income would have been $36.7 million, an increase of $5.6 million, or 18.16%, compared to the same period in 2007.

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Net income for the six months ending June 30, 2008 produced a return on beginning equity of 15.78%, a return on average equity of 14.88% and a return on average assets of 1.06%. The efficiency ratio for the six-month period was 56.11%, and operating expenses as a percentage of average assets was 1.87%.

Net Interest Income and Net Interest Margin

Net interest income, after provision for credit losses, totaled $45.5 million for the second quarter of 2008. This represents an increase of $7.2 million, or 18.81%, from the $38.3 million for the same period of 2007. This increase resulted from an $11.0 million decrease in interest expense, offset by a $0.8 million decrease in interest income and a $3.0 million increase in the provision for credit losses. The decrease in interest income was primarily due to the decrease in interest rates, partially offset by the growth in average earning assets. The decrease in interest expense was due to the decrease in the cost of interest bearing deposits and borrowed funds, partially offset by the increase in average borrowed funds.

Net interest margin (tax equivalent) increased from 2.92% for the second quarter of 2007 to 3.43% for the second quarter of 2008. Total average earning asset yields decreased from 6.13% for the second quarter of 2007 to 5.69% for the second quarter of 2008. The cost of funds decreased from 4.21% for the second quarter of 2007 to 2.95% for the second quarter of 2008. The increase in net interest margin is due to the cost of interest-bearing liabilities decreasing faster than the decrease in yields on earning assets.

Net interest income totaled $87.9 million for the six months ending June 30, 2008. This represents an increase of $9.9 million, or 12.64%, from the net interest income of $78.0 million for the same period in 2007. This increase resulted from a $16.3 million decrease in interest expense, which was offset by a $1.7 million decrease in interest income and a $4.7 million increase in the provision for credit losses. Net interest income before the provision for credit losses increased $14.6 million, or 18.66%, for the first six months of 2008. The decrease in interest income was primarily due to the decrease in interest rates partially offset by the growth in average earning assets. The decrease in interest expense was due to the decreases in interest rates on deposits and borrowed funds partially offset by the increase in average borrowed funds.

The net interest margin (tax equivalent) increased from 2.97% for the first six months of 2007 to 3.34% for the first six months of 2008. Total average earning asset yields have decreased from 6.16% for the first six months of 2007 to 5.80% for the first six months of 2008. The cost of funds has decreased from 4.18% for the first six months of 2007 to 3.20% for the first six months of 2008.

Balance Sheet

The Company reported total assets of $6.45 billion at June 30, 2008. This represented an increase of $317.8 million, or 5.18%, over total assets of $6.14 billion as of June 30, 2007. Earning assets totaled $6.07 billion and were up $364.4 million, or 6.39%, when

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compared with earning assets of $5.70 billion as of June 30, 2007. Total deposits and customer repurchase agreements were $3.61 billion as of June 30, 2008. This represents a decrease of $152.0 million, or 4.04%, when compared with total deposits and customer repurchase agreements of $3.77 billion at June 30, 2007. Gross loans and leases totaled $3.52 billion at June 30, 2008. This represents an increase of $213.0 million, or 6.45%, when compared with gross loans and leases of $3.30 billion at June 30, 2007.

Investment Securities

Investment securities totaled $2.50 billion at June 30, 2008. This represents an increase of $153.5 million, or 6.55%, when compared with $2.34 billion in investment securities at June 30, 2007.

CitizensTrust

CitizensTrust has approximately $2.5 billion in assets under administration and $807 million in assets under management. They provide trust, investment and brokerage related services, as well as financial, estate and business succession planning. Income from CitizensTrust was $2.0 million in the current quarter, up $228,000 from the $1.7 million in the second quarter of 2007.

Loan and Lease Quality

The credit quality of the loan portfolio remains solid. The allowance for credit losses increased from $30.2 million as of June 30, 2007 to $37.3 million as of June 30, 2008. The increase was primarily due to the provision for credit losses of $4.0 million in the fourth quarter of 2007 and $4.7 million in the first six months of 2008. During the first six months of 2008, we had loan charge-offs totaling $685,000 and recoveries on previously charged off loans of $246,000. This resulted in net charge-offs of $439,000. By comparison, during the first six months of 2007, the Company had net charge-offs of $164,000, and no provision for credit losses. The allowance for credit losses was 1.06% and 0.92% of total loans and leases outstanding as of June 30, 2008 and 2007, respectively.

At December 31, 2007, we had $1.4 million in non-performing loans. As of March 31, 2008, we had $2.7 million in non-performing loans and we had $12.3 million in non-performing loans at June 30, 2008, or 0.35% of total loans. The non-performing loans consist of $9.8 million in residential construction and residential land loans, $1.7 million in single family mortgage loans, $0.5 million in commercial loans and $0.3 million in consumer loans. In addition, we had $1.1 million in Other Real Estate Owned. The OREO represents a foreclosed condominium project. The majority of the loan amount was charged-off in December 2007.

At December 31, 2007, we had loans delinquent 30 to 89 days of $2.2 million. This increased to $18.2 million at March 31, 2008 and decreased to $1.0 million at June 30, 2008. Of the March 31, 2008 delinquencies, $1.8 million became non-performing at June 30, 2008 and the remaining were brought current. As a percentage of total loans, delinquencies were 0.06% at December 31, 2007, 0.53% at March 31, 2008 and 0.03% at June 30, 2008.

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Our construction loan portfolio totaled $333.3 million as of June 30, 2008. This represents 9.45% of our total loans outstanding at the end of the quarter. Of the $333.3 million, $120.2 million is for residential construction and residential land loans. This represents 36.07% of the construction loans outstanding, or 3.41% of our total loan portfolio. Of note, 32.26% of our construction loan portfolio is based in the Inland Empire.

Stock Repurchase Program

At the July 16, 2008 board meeting, the Board of Directors approved increasing the amount of shares in the Company’s repurchase program to 10 million shares. “Due to the tremendous amount of short selling in the financial services sector, the Board felt that it was appropriate to increase our capacity to repurchase our shares,” said Chris Myers, President and CEO.

Corporate Overview

CVB Financial Corp. is the holding company for Citizens Business Bank. The Bank is the largest financial institution headquartered in the Inland Empire region of Southern California. It serves 40 cities with 44 business financial centers and 3 commercial banking groups in the Inland Empire, Los Angeles County, Orange County and the Central Valley areas of California. Its leasing division, Citizens Financial Services, provides vehicle leasing, equipment leasing and real estate loan services.

Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol of CVBF. For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the CVB Investor tab.

Safe Harbor

Certain matters set forth herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company’s current business plan and expectations regarding future operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the impact of changes in interest rates, a decline in economic conditions, adverse changes resulting from natural and manmade disasters, effects of government regulation and increased competition among financial services providers and other factors set forth in the Company’s public reports including its Annual Report on Form 10-K for the year ended December 31, 2007, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law.

###

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CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(unaudited)
dollars in thousands

	June 30,						December 31,
	2008			2007			2007
Assets:
Cash and due from banks	$	110,966		$	142,699		$	89,486
Investment Securities available-for-sale		2,490,677			2,344,537			2,390,566
Investment Securities held-to-maturity		7,380			—			—
Federal funds sold and Interest-bearing balances due from depository institutions		475			3,070			475
Investment in stock of Federal Home Loan Bank (FHLB)		90,987			83,392			79,983
Loans and lease finance receivables		3,516,243			3,303,273			3,495,144
Less allowance for credit losses		(37,310	)		(30,244	)		(33,049	)
Net loans and lease finance receivables		3,478,933			3,273,029			3,462,095
Total earning assets		6,068,452			5,704,028			5,933,119
Premises and equipment, net		45,206			46,391			46,855
Intangibles		12,815			8,944			14,611
Goodwill		55,097			60,357			55,167
Cash value of life insurance		105,644			101,222			103,400
Other assets		55,666			72,433			51,325
TOTAL	$	6,453,846		$	6,136,074		$	6,293,963
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Demand Deposits (noninterest-bearing)	$	1,281,838		$	1,340,495		$	1,295,959
Investment Checking		346,916			334,229			409,912
Savings/MMDA		861,337			912,001			868,123
Time Deposits		723,542			921,756			790,355
Total Deposits		3,213,633			3,508,481			3,364,349
Demand Note to U.S. Treasury		77			4,754			540
Customer Repurchase Agreements		400,306			257,475			336,309
Repurchase Agreements		250,000			250,000			250,000
Borrowings		1,994,850			1,561,000			1,753,500
Junior Subordinated Debentures		115,055			115,859			115,055
Other liabilities		45,731			43,621			49,262
Total Liabilities		6,019,652			5,741,190			5,869,015
Stockholders’ equity:
Stockholders’ equity		439,912			420,217			420,818
Accumulated other comprehensive income (loss), net of tax		(5,718	)		(25,333	)		4,130
		434,194			394,884			424,948
TOTAL	$	6,453,846		$	6,136,074		$	6,293,963

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCE SHEET
(unaudited)
dollars in thousands

	Three months ended June 30,						Six months ended June 30,
	2008			2007			2008			2007
Assets:
Cash and due from banks	$	100,568		$	122,164		$	104,223		$	123,289
Investment securities available-for-sale		2,550,132			2,404,257			2,468,525			2,457,960
Investment securities held-to-maturity		7,463			—			6,790			—
Federal funds sold and Interest-bearing balances due from depository institutions		1,958			155			1,627			299
Investment in stock of Federal Home Loan Bank (FHLB)		89,043			81,657			86,880			80,852
Loans and lease finance receivables		3,438,189			3,145,131			3,410,981			3,102,396
Less allowance for credit losses		(35,635	)		(27,856	)		(34,770	)		(27,788	)
Net loans and lease finance receivables		3,402,554			3,117,275			3,376,211			3,074,608
Total earning assets		6,051,150			5,603,344			5,940,033			5,613,719
Premises and equipment, net		46,176			46,017			46,475			45,746
Intangibles		13,163			9,175			13,612			9,468
Goodwill		55,097			31,805			55,114			31,669
Cash value of life insurance		104,918			100,891			104,353			100,548
Other assets		75,019			87,686			72,492			86,842
TOTAL	$	6,446,091		$	6,001,082		$	6,336,302		$	6,011,281
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing	$	1,248,113		$	1,268,150		$	1,236,720		$	1,275,906
Interest-bearing		1,997,510			2,120,022			2,024,069			2,117,099
Total Deposits		3,245,623			3,388,172			3,260,789			3,393,005
Other borrowings		2,530,603			2,062,509			2,434,881			2,070,300
Junior Subordinated Debentures		115,055			108,501			115,055			108,376
Other liabilities		90,148			42,883			74,946			41,084
Total Liabilities		5,981,429			5,602,065			5,885,671			5,612,765
Stockholders’ equity:
Stockholders’ equity		442,203			407,000			437,234			409,043
Accumulated other comprehensive income (loss), net of tax		22,459			(7,983	)		13,397			(10,527	)
		464,662			399,017			450,631			398,516
TOTAL	$	6,446,091		$	6,001,082		$	6,336,302		$	6,011,281

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
dollar amounts in thousands, except per share

	For the Three Months				For the Six Months
	Ended June 30,				Ended June 30,
	2008		2007		2008		2007
Interest Income:
Loans and leases, including fees	$	52,211	$	53,726	$	106,257	$	106,440
Investment securities:
Taxable		22,430		21,717		43,306		44,810
Tax-advantaged		7,111		7,305		14,299		14,536
Total investment income		29,541		29,022		57,605		59,346
Dividends from FHLB Stock		1,205		967		2,299		2,105
Federal funds sold & Interest-bearing CDs with other institutions		12		14		27		20
Total interest income		82,969		83,729		166,188		167,911
Interest Expense:
Deposits		8,537		17,928		20,816		35,086
Borrowings and junior subordinated debentures		25,949		27,518		52,760		54,778
Total interest expense		34,486		45,446		73,576		89,864
Net interest income before provision for credit losses		48,483		38,283		92,612		78,047
Provision for credit losses		3,000		—		4,700		—
Net interest income after provision for credit losses		45,483		38,283		87,912		78,047
Other Operating Income:
Service charges on deposit accounts		3,807		3,211		7,552		6,487
Trust and investment services		1,975		1,747		3,888		3,698
Gain on sale of investment securities		—		—		—		—
Other		2,920		2,638		5,403		5,309
Total other operating income		8,702		7,596		16,843		15,494
Other operating expenses:
Salaries and employee benefits		15,501		13,583		31,044		27,655
Occupancy		3,080		2,345		5,951		4,750
Equipment		2,019		1,815		3,668		3,550
Professional services		1,874		1,587		3,415		2,691
Amortization of intangible assets		898		588		1,796		1,177
Provision for unfunded commitments		1,000		—		1,250		—
Other		6,006		4,927		11,653		10,922
Total other operating expenses		30,378		24,845		58,777		50,745
Earnings before income taxes		23,807		21,034		45,978		42,796
Income taxes		6,655		5,080		12,642		11,700
Net earnings	$	17,152	$	15,954	$	33,336	$	31,096
Basic earnings per common share	$	0.21	$	0.19	$	0.40	$	0.37
Diluted earnings per common share	$	0.21	$	0.19	$	0.40	$	0.37
Cash dividends per common share	$	0.085	$	0.085	$	0.17	$	0.17

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)

	Three months ended June 30,						Six months ended June 30,
	2008			2007			2008			2007
Interest income — (Tax-Effected) (te)	$	85,856		$	86,184		$	171,988		$	172,796
Interest Expense		34,486			45,446			73,576			89,864
Net Interest income — (te)	$	51,370		$	40,738		$	98,412		$	82,932
Return on average assets		1.07	%		1.07	%		1.06	%		1.04	%
Return on average equity		14.85	%		16.04	%		14.88	%		15.74	%
Efficiency ratio		56.06	%		54.15	%		56.11	%		54.25	%
Net interest margin (te)		3.43	%		2.92	%		3.34	%		2.97	%
Weighted average shares outstanding
Basic		83,105,378			83,489,680			83,128,353			83,691,851
Diluted		83,478,290			84,143,533			83,456,005			84,213,269
Dividends declared	$	7,058		$	7,234		$	14,151		$	14,333
Dividend payout ratio		41.14	%		45.34	%		42.45	%		46.09	%
Number of shares outstanding-EOP		83,221,358			84,603,880
Book value per share	$	5.22		$	4.67

	June 30,
	2008			2007
Non-performing Assets (dollar amount in thousands):
Non-accrual loans	$	12,337		$	806
Loans past due 90 days or more and still accruing interest		—			—
Restructured loans		—			—
Other real estate owned (OREO), net		1,137			—
Total non-performing assets	$	13,474		$	806
Percentage of non-performing assets to total loans outstanding and OREO		0.38	%		0.02	%
Percentage of non-performing assets to total assets		0.21	%		0.01	%
Non-performing assets to allowance for loan losses		36.11	%		2.66	%
Net Charge-off (Recovered) to Average loans		0.01	%		0.01	%
Allowance for Credit Losses:
Beginning Balance	$	33,049		$	27,737
Total Loans Charged-Off		(685	)		(216	)
Total Loans Recovered		246			52
Net Loans Recovered		(439	)		(164	)
Acqusition of First Coastal Bank		0			2,671
Provision Charged to Operating Expense		4,700			—
Allowance for Credit Losses at End of period	$	37,310		$	30,244

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(in thousands, except per share data)
(unaudited)

Quarterly Common Stock Price

	2008				2007				2006
Quarter End	High		Low		High		Low		High		Low
March 31,	$	11.20	$	8.45	$	13.38	$	11.42	$	15.60	$	14.71
June 30,	$	12.10	$	9.44	$	12.40	$	10.63	$	15.59	$	13.25
September 30,					$	12.71	$	9.51	$	14.24	$	12.83
December 31,					$	11.97	$	9.98	$	14.13	$	12.83

Quarterly Consolidated Statements of Earnings

	2Q		1Q		4Q		3Q		2Q
	2008		2008		2007		2007		2007
Interest income
Loans, including fees	$	52,211	$	54,046	$	56,692	$	58,677	$	53,726
Investment securities and federal funds sold		30,758		29,173		28,794		29,203		30,003
		82,969		83,219		85,486		87,880		83,729
Interest expense
Deposits		8,537		12,278		15,766		18,445		17,928
Other borrowings		25,949		26,811		28,333		27,727		27,518
		34,486		39,089		44,099		46,172		45,446
Net interest income before provision for credit losses		48,483		44,130		41,387		41,708		38,283
Provision for credit losses		3,000		1,700		4,000		—		—
Net interest income after provision for credit losses		45,483		42,430		37,387		41,708		38,283
Non-interest income		8,702		8,140		7,968		7,863		7,596
Non-interest expenses		30,378		28,399		27,441		27,218		24,845
Earnings before income taxes		23,807		22,171		17,914		22,353		21,034
Income taxes		6,655		5,987		4,547		6,232		5,080
Net earnings	$	17,152	$	16,184	$	13,367	$	16,121	$	15,954
Basic earning per common share	$	0.21	$	0.19	$	0.16	$	0.19	$	0.19
Diluted earnings per common share	$	0.21	$	0.19	$	0.16	$	0.19	$	0.19
Cash dividends per common share	$	0.085	$	0.085	$	0.085	$	0.085	$	0.085
Dividends Declared	$	7,058	$	7,093	$	7,069	$	7,067	$	7,234

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(in thousands)
(unaudited)

Distribution of Loan Portfolio

	6/30/2008			3/31/2008			12/31/2007			9/30/2007			6/30/2007
Commercial and Industrial	$	424,515		$	386,274		$	365,214		$	345,697		$	334,968
Real Estate:
Construction		333,303			318,549			308,354			307,506			310,390
Commercial Real Estate		1,851,123			1,822,610			1,805,946			1,775,812			1,768,539
SFR Mortgage		351,120			356,415			365,849			363,765			358,347
Consumer		57,380			57,554			58,999			62,979			64,083
Municipal lease finance receivables		163,459			153,270			156,646			143,399			143,316
Auto and equipment leases		53,121			54,795			58,505			58,958			55,151
Dairy and Livestock		293,133			254,156			387,488			265,806			280,114
Gross Loans		3,527,154			3,403,623			3,507,001			3,323,922			3,314,908
Less:
Deferred net loan fees		(10,911	)		(11,431	)		(11,857	)		(12,173	)		(11,635	)
Allowance for credit losses		(37,310	)		(34,711	)		(33,049	)		(30,428	)		(30,244	)
Net Loans	$	3,478,933		$	3,357,481		$	3,462,095		$	3,281,321		$	3,273,029

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(in thousands)
(unaudited)

Non-Performing Assets & Delinquency Trends

	June 30,			March 31,			December 31,
	2008			2008			2007
Non-Performing Loans
Construction	$	9,802		$	1,535		$	1,137
Commercial		551			19			—
Mortgage		1,672			1,153			298
Consumer		312			—			—
Total	$	12,337		$	2,707		$	1,435
% of Total Loans		0.35	%		0.08	%		0.04	%
Past Due 30+ Days
Construction	$	—		$	768		$	—
Commercial		483			15,709			1,713
Mortgage		483			1,180			460
Consumer		—			533			26
Total	$	966		$	18,190		$	2,199
% of Total Loans		0.03	%		0.53	%		0.06	%
OREO
Construction	$	1,137		$	1,137		$	—
Total	$	1,137		$	1,137		$	—
Total Non-Performing, Past Due & OREO	$	14,440		$	22,034		$	3,634
% of Total Loans		0.41	%		0.65	%		0.10	%